Bank of New York Mellon Corp Has $169.60 Million Stock Position in Texas Pacific Land Corporation $TPL

Bank of New York Mellon Corp raised its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL) by 1.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 357,379 shares of the financial services provider’s stock after acquiring an additional 4,570 shares during the quarter. Bank of New York Mellon Corp’s holdings in Texas Pacific Land were worth $169,598,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the stock. Bar Harbor Wealth Management lifted its stake in shares of Texas Pacific Land by 195.1% in the fourth quarter. Bar Harbor Wealth Management now owns 36,873 shares of the financial services provider’s stock worth $10,591,000 after buying an additional 24,379 shares during the last quarter. Stratos Wealth Partners LTD. boosted its holdings in Texas Pacific Land by 212.9% in the 4th quarter. Stratos Wealth Partners LTD. now owns 18,211 shares of the financial services provider’s stock valued at $5,231,000 after purchasing an additional 12,390 shares during the period. Daiwa Securities Group Inc. grew its position in Texas Pacific Land by 200.7% in the 4th quarter. Daiwa Securities Group Inc. now owns 9,450 shares of the financial services provider’s stock worth $2,714,000 after purchasing an additional 6,307 shares during the last quarter. Schwartz Investment Counsel Inc. increased its holdings in shares of Texas Pacific Land by 209.7% during the 4th quarter. Schwartz Investment Counsel Inc. now owns 475,104 shares of the financial services provider’s stock worth $136,459,000 after purchasing an additional 321,683 shares during the period. Finally, New York State Teachers Retirement System increased its holdings in shares of Texas Pacific Land by 184.1% during the 4th quarter. New York State Teachers Retirement System now owns 38,841 shares of the financial services provider’s stock worth $11,156,000 after purchasing an additional 25,170 shares during the period. 59.94% of the stock is owned by institutional investors and hedge funds.

Texas Pacific Land Stock Performance

Shares of TPL stock opened at $415.88 on Friday. The firm has a fifty day moving average of $392.52 and a 200-day moving average of $412.05. The stock has a market cap of $28.68 billion, a price-to-earnings ratio of 56.97 and a beta of 0.58. Texas Pacific Land Corporation has a 52-week low of $269.23 and a 52-week high of $547.20.

Texas Pacific Land (NYSE:TPL) last issued its earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.04. The business had revenue of $236.80 million for the quarter, compared to analyst estimates of $233.00 million. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. On average, sell-side analysts predict that Texas Pacific Land Corporation will post 8.88 earnings per share for the current year.

Texas Pacific Land Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were paid a dividend of $0.60 per share. The ex-dividend date was Monday, June 1st. This represents a $2.40 dividend on an annualized basis and a yield of 0.6%. Texas Pacific Land’s dividend payout ratio (DPR) is currently 32.88%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Zacks Research cut shares of Texas Pacific Land from a “hold” rating to a “strong sell” rating in a research note on Tuesday, June 30th. Weiss Ratings upgraded Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 1st. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $639.00.

Insider Buying and Selling

In other Texas Pacific Land news, CFO Chris Steddum sold 3,170 shares of Texas Pacific Land stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $400.25, for a total transaction of $1,268,792.50. Following the sale, the chief financial officer directly owned 12,870 shares of the company’s stock, valued at approximately $5,151,217.50. The trade was a 19.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is currently owned by corporate insiders.

Texas Pacific Land Profile

Texas Pacific Land Corporation (NYSE: TPL) is a Texas-based land management company that derives revenue from the ownership and stewardship of large tracts of land and associated mineral rights in West Texas. The company’s origins trace to 19th century land grants associated with the Texas and Pacific Railway; over time those grant holdings have been retained and managed as a standalone corporate asset base. Texas Pacific Land is publicly listed and operates as a landowner and resource manager rather than as a traditional oil and gas producer.

The company’s primary activities include management of surface rights and leasing of land for energy and other commercial uses, administration of mineral royalty interests, and provision of water and related services to industrial customers.